Questions
6. Selected information about income statement accounts for the Reed Company is presented below (the company's...

6.

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

2021 2020
Sales revenue $ 5,300,000 $ 4,400,000
Cost of goods sold 3,040,000 2,180,000
Administrative expense 980,000 855,000
Selling expense 540,000 482,000
Interest revenue 168,000 158,000
Interest expense 236,000 236,000
Loss on sale of assets of discontinued component 120,000


On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $120,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

1/1/2021–9/30/2021 2020
Sales revenue $ 580,000 $ 680,000
Cost of goods sold (380,000 ) (428,000 )
Administrative expense (68,000 ) (58,000 )
Selling expense (38,000 ) (38,000 )
Operating income before taxes $ 94,000 $ 156,000


In addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above accounts:

  1. A fire caused $68,000 in uninsured damages to the main office building. The fire was considered to be an unusual event.
  2. Inventory that had cost $58,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $5,000.
  3. Income taxes have not yet been recorded.


Required:
Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 600,000 shares of outstanding common stock. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

In: Accounting

PHAROAH COMPANY Balance Sheets December 31 (in thousands) 2022 2021 Current assets    Cash and cash equivalents...

PHAROAH COMPANY
Balance Sheets
December 31 (in thousands)

2022

2021

Current assets

   Cash and cash equivalents

$330

$360

   Accounts receivable (net)

570

500

   Inventory

640

570

   Prepaid expenses

130

160

     Total current assets

1,670

1,590

Property, plant, and equipment (net)

410

380

Investments

110

110

Intangibles and other assets

530

510

     Total assets

$2,720

$2,590

Current liabilities

$920

$890

Long-term liabilities

660

560

Stockholders’ equity—common

1,140

1,140

     Total liabilities and stockholders’ equity

$2,720

$2,590

PHAROAH COMPANY
Income Statements
For the Year Ended December 31 (in thousands)

2022

2021

Sales revenue

$3,980

$3,640

Costs and expenses

   Cost of goods sold

1,070

990

   Selling & administrative expenses

2,400

2,330

   Interest expense

10

20

     Total costs and expenses

3,480

3,340

Income before income taxes

500

300

Income tax expense

200

120

Net income

$ 300

$ 180


Compute the following ratios for 2022 and 2021. (Round current ratio and inventory turnover to 2 decimal places, e.g 1.83 and all other answers to 1 decimal place, e.g. 1.8 or 12.6%.)

(a) Current ratio.
(b) Inventory turnover. (Inventory on December 31, 2020, was $410.)
(c) Profit margin.
(d) Return on assets. (Assets on December 31, 2020, were $2,540.)
(e) Return on common stockholders’ equity. (Equity on December 31, 2020, was $950.)
(f) Debt to assets ratio.
(g) Times interest earned.

2022

2021

Current ratio.

:1 :1

Inventory turnover.

Profit margin.

% %

Return on assets.

% %

Return on common stockholders’ equity.

% %

Debt to assets ratio.

  

%

  

%

Times interest earned.

In: Accounting

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal...

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31):

2021 2020
Sales revenue $ 5,250,000 $ 4,350,000
Cost of goods sold 3,030,000 2,170,000
Administrative expense 970,000 845,000
Selling expense 530,000 472,000
Interest revenue 167,000 157,000
Interest expense 234,000 234,000
Loss on sale of assets of discontinued component 116,000


On July 1, 2021, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2021, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:

1/1/2021–9/30/2021 2020
Sales revenue $ 570,000 $ 670,000
Cost of goods sold (375,000 ) (422,000 )
Administrative expense (67,000 ) (57,000 )
Selling expense (37,000 ) (37,000 )
Operating income before taxes $ 91,000 $ 154,000


In addition to the account balances above, several events occurred during 2021 that have not yet been reflected in the above accounts:

  1. A fire caused $67,000 in uninsured damages to the main office building. The fire was considered to be an unusual event.
  2. Inventory that had cost $57,000 had become obsolete because a competitor introduced a better product. The inventory was written down to its scrap value of $8,000.
  3. Income taxes have not yet been recorded.


Required:
Prepare a multiple-step income statement for the Reed Company for 2021, showing 2020 information in comparative format, including income taxes computed at 25% and EPS disclosures assuming 800,000 shares of outstanding common stock. (Amounts to be deducted should be indicated with a minus sign. Round EPS answers to 2 decimal places.)

In: Accounting

Problem 3-02A a-c, d1-d3 (Video) (Part Level Submission) The Tamarisk, Inc. opened for business on May...

Problem 3-02A a-c, d1-d3 (Video) (Part Level Submission)

The Tamarisk, Inc. opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows.

Tamarisk, Inc.
Trial Balance
May 31, 2020

Account Number Debit Credit
101 Cash $ 3,500
126 Supplies 2,150
130 Prepaid Insurance 2,400
140 Land 14,000
141 Buildings 59,000
149 Equipment 14,800
201 Accounts Payable $ 11,400
208 Unearned Rent Revenue 3,200
275 Mortgage Payable 40,000
311 Common Stock 35,500
429 Rent Revenue 10,350
610 Advertising Expense 550
726 Salaries and Wages Expense 3,200
732 Utilities Expense 850
$100,450 $100,450


In addition to those accounts listed on the trial balance, the chart of accounts for Tamarisk, Inc. also contains the following accounts and account numbers: No. 142 Accumulated Depreciation—Buildings, No. 150 Accumulated Depreciation—Equipment, No. 212 Salaries and Wages Payable, No. 230 Interest Payable, No. 619 Depreciation Expense, No. 631 Supplies Expense, No. 718 Interest Expense, and No. 722 Insurance Expense.

Other data:

1. Prepaid insurance is a 1-year policy starting May 1, 2020.
2. A count of supplies shows $800 of unused supplies on May 31.
3. Annual depreciation is $2,952 on the buildings and $1,476 on equipment.
4. The mortgage interest rate is 12%. (The mortgage was taken out on May 1.)
5. Two-thirds of the unearned rent revenue has been earned.
6. Salaries of $800 are accrued and unpaid at May 31.

Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

In: Accounting

Create a class called MovieReducerExtremes that implements MediaReducer. Implement a reducer that takes a movie list...

Create a class called MovieReducerExtremes that implements MediaReducer. Implement a reducer that takes a movie list and an option ("newest" or "oldest"), then return the newest or oldest movie as appropriate.Submit both the MovieReducerExtremes and the Movie class from the first question.

/////Required Output:///////

Newest\n
 2014 AKA Jessica Jones                                       Action         \n
Oldest\n
 1936 Cabaret                                                 Music          \n

Given Files:

Movie.java

public class Movie extends Media {
    public Movie(String name, int year, String genre) {
        super(name, year, genre);
    }

    public String getEra() {
        if (getYear() >= 2000) {
            return "New Millennium Era";
        } else if (getYear() >= 1977) {
            return "Modern Era";
        } else if (getYear() >= 1955) {
            return "Change Era";
        } else if (getYear() >= 1941) {
            return "Golden Era";
        }

        return "Pre-Golden Era";
    }

    public boolean wasReleasedAfter(Media other) {
        return getYear() > other.getYear();
    }

    public boolean wasReleasedBeforeOrInSameYear(Media other) {
        return getYear() <= other.getYear();
    }
}

Demo3.java

import java.io.FileNotFoundException;
import java.util.ArrayList;

public class Demo3 
{

    public static void main(String[] args) throws FileNotFoundException {

        ArrayList movies = MovieLoader.loadAllMovies();

        MediaReducer op = new MovieReducerExtremes();

        System.out.println("Newest");
        System.out.println(op.reduce(movies, "Newest"));
        System.out.println("Oldest");
        System.out.println(op.reduce(movies, "Oldest"));
    }
}
Media.java
public abstract class Media {
    private String name;
    private int year;
    private String genre;

    public Media(String n, int y, String g) {
        name = n;
        year = y;
        genre = g;
    }

    public String getName() {
        return name;
    }

    public int getYear() {
        return year;
    }

    public String getGenre() {
        return genre;
    }

    public String toString() {
        return String.format("%5d %-55s %-15s", year, name, genre);
    }

    //if the media was released on or after the year 2000, return New Millennium Era
    //if the media was released on or after the year 1977, return Modern Era
    //if the media was released on or after the year 1955, return Change Era
    //if the media was released on or after the year 1941, return Golden Era
    //in any other situation, return Pre-Golden Era
    public abstract String getEra();

    //return true if this media has a greater release year than the other's
    public abstract boolean wasReleasedAfter(Media other);

    //return true if this media was a lesser or equal release yearn than the other's
    public abstract boolean wasReleasedBeforeOrInSameYear(Media other);
}

MovieLoader.java

import java.io.File;
import java.io.FileNotFoundException;
import java.util.ArrayList;
import java.util.Scanner;

public class MovieLoader {
    public static ArrayList loadAllMovies() throws FileNotFoundException {
        File f = new File("movie_list.txt");
        Scanner inputFile = new Scanner(f);
        ArrayList result = new ArrayList<>();
        while (inputFile.hasNextLine()) {
            String name = inputFile.nextLine();
            int year = inputFile.nextInt();
            //skip new line
            inputFile.nextLine();
            String genre = inputFile.nextLine();
            Media m = new Movie(name, year, genre);
            result.add(m);
        }
        return result;
    }
}

MediaReducer

import java.util.ArrayList;

public interface MediaReducer {
    public String reduce(ArrayList list, String key);
}

A couple from the movie_list.txt

!Next?
1994
Documentary
#1 Single
2006
Reality-TV
#ByMySide
2012
Drama
#Follow
2011
Mystery
#nitTWITS
2011
Comedy
$#*! My Dad Says
2010
Comedy
$1,000,000 Chance of a Lifetime
1986
Game-Show
$100 Makeover
2010
Reality-TV
$100 Taxi Ride
2001
Documentary
$100,000 Name That Tune
1984
Game-Show
$100,000 Name That Tune
1984
Music
$2 Bill
2002
Documentary
$2 Bill
2002
Music
$2 Bill
2002
Music
$2 Bill
2002
Music
$2 Bill
2002
Music
$25 Million Dollar Hoax
2004
Reality-TV
$40 a Day
2002
Documentary
$5 Cover
2009
Drama
$5 Cover: Seattle
2009
Drama
$50,000 Letterbox
1980
Game-Show
$9.99
2003
Adventure
$weepstake$
1979
Drama
' Horse Trials '
2011
Sport
'80s Videos: A to Z
2009
Music
'Allo 'Allo!
1982
Comedy
'Allo 'Allo!
1982
War
'Conversations with My Wife'
2010
Comedy
'Da Kink in My Hair
2007
Comedy
'Da Kink in My Hair
2007
Drama
'More strasti'
2000
Romance
'Ons Sterrenkookboek'
2007
Documentary
'Orrible
2001
Comedy
'Orrible
2001
Crime
'Orrible
2001
Drama
'S ann an Ile
2009
Documentary
'Sang linggo nAPO sila
1995
Game-Show
'Sang linggo nAPO sila
1995
Musical
'T Wilhelmina
1975
Comedy
'Til Death Do Us Part
2006
Crime
'Til Death Do Us Part
2006
Drama
'Til Death Do Us Part
2006
Fantasy
'Til Death Do Us Part
2006
Romance
'Til Death Do Us Part
2006
Thriller
'Til Death
2006
Comedy
'Untold
2004
Documentary
'Wag kukurap
2004
Horror
'Way Out
1961
Drama
'Way Out
1961
Horror
'Way Out
1961
Sci-Fi
'n Shrink
2009
Comedy
't Is maar TV
1999
Comedy
't Is maar TV
1999
Game-Show
't Is maar een spel
2002
Comedy
't Is maar een spel
2002
Game-Show
't Schaep Met De 5 Pooten
1969
Comedy
't Schaep Met De 5 Pooten
2006
Comedy
't Schaep Met De 5 Pooten
2006
Drama
't Zal je gebeuren...
1998
Drama
't Zonnetje in huis
1993
Comedy
(S)truth
1999
Drama
+ Clair
2001
Documentary
+ Emprendedores mi+d
2010
Documentary
+ Investigadores
2008
Documentary
+ de cin�ma
2001
Documentary
+ de cin�ma
2001
News
... ins Gr�ne! Das Stadt-Land-Lust-Magazin
2010
Documentary
... und basta!
2006
Comedy
... und basta!
2006
Music
... und die Tuba bl�st der Huber
1981
Comedy

In: Computer Science

This is a tableau question. Year Sales 2005 49387 2006 53412 2007 56783 2008 58436 2009...

This is a tableau question.

Year Sales
2005 49387
2006 53412
2007 56783
2008 58436
2009 59994
2010 61515
2011 63182
2012 67989
2013 70448
2014 72601
2015 75482
2016 78341
2017 81111
2018 82517
2019 83275
2020 84005

I. (a) Determine the trend line using both linear and two nonlinear equations Hint: You can choose any two of the nonlinear options in edit trend lines within Tableau. (b) Write down the equations (coefficients). Hint: Double click on trend line and click on describe the model.

II. Which trend line would you suggest? Why?

III. Estimate the sales for 2022. Does this seem like a reasonable estimate based on historical data? (Hint: Show Me — first icon on the left hand side)

IV. Check the quality of the forecast prepared by Tableau. Also, Provide Mean Absolute Error (MAE), and the Mean Absolute Percentage Error (MAPE). Hint: one click on forecast area with the right button of your mouse, then describe forecast and check first Summary and later Models.

V. Prepare a dashboard with 4 sheets: Sheet 1 for the trend line using linear function, Sheet 2 for the trend line using one of the nonlinear function of your choice, Sheet 3 for the trend line using another nonlinear function of your preference and Sheet 4 for Forecasting.

In: Statistics and Probability

Presented below are selected transactions at Splish Brothers Inc. for 2020. Jan. 1 Retired a piece...

Presented below are selected transactions at Splish Brothers Inc. for 2020.

Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $63,800 on that date. It had a useful life of 10 years with no salvage value.
June 30 Sold a computer that was purchased on January 1, 2017. The computer cost $37,800. It had a useful life of 5 years with no salvage value. The computer was sold for $15,100.
Dec. 31 Discarded a delivery truck that was purchased on January 1, 2016. The truck cost $40,620. It was depreciated based on a 6-year useful life with a $3,000 salvage value.


Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on assets disposed of. Splish Brothers Inc. uses straight-line depreciation. (Assume depreciation is up to date as of December 31, 2019.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Do not round intermediate calculations.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1June 30Dec. 31

Jan. 1June 30Dec. 31

(To record depreciation to date of disposal)

June 30

(To record sale of computer)

Jan. 1June 30Dec. 31

(To record depreciation to date of disposal)

Dec. 31

(To record retirement of truck)

Click if you would like to Show Work for this question:

In: Accounting

%% Homework A8_HW % Analyze hurricaine data over 2001-2014 and 2015-2020 time periods.% The data are...

%% Homework A8_HW % Analyze hurricaine data over 2001-2014 and 2015-2020 time periods.% The data are provided in 2 csv files containing years and number of% hurricaines for each year in sequential order, i.e.,: 2001 4 2002 6 ...% Download the 2 csv files AtlanticHurricanes20012014.csv and% AtlanticHurricanes20152020.csv and place them in the same folder % with your m-fileclearclc% read 2 csv files into 2 arrays hurr1 and hurr2filename = 'AtlanticHurricanes20012014.csv';hurr1 = csvread(filename);filename = 'AtlanticHurricanes20152020.csv';hurr2 = csvread(filename);%% 1.Find and print the number of years in each of the two arrays%% 2. Using "reshape" and "transpose" functions, reshape the two arrays % into 2-column arrays where the first column is the year number, and % the second column is the corresponding number of hurricanes for that year%% 3. Combine the two 2-column arrays into a new single 2-column array hurrAll%% 4. Print the combined array hurrAll using the disp function % (print headings for each column)%% 5. Sort the combined array hurrAll row-by-row based on % the number of hurricanes in ascending order and print the array%% 6. Using "find" function, find the years with minimal and maximal % numbers of hurricanes. Print these years along with respective % hurricaine numbers using "fprintf" function

This is MATLAB and the documents are a single row array as follows: (THIS IS THE INFO NEEDING TO BE SORTED)

hurr1 = 2010 9 2011 8 2012 7 2013 6

hurr2 = 2014 6 2015 7 2016 8 2017 9

In: Computer Science

I would like a formulation of this text below as the content is related to discrimination...

I would like a formulation of this text below as the content is related to discrimination in the housing market. Please, you can write a good formulation, and write and not write by hand, so that I can read and understand your answer clearly. BR

1- Discrimination in the Swedish housing market.
The problem in the Swedish housing market, however, is the lack of rental apartments in the country. The population in Sweden increased in 2019 by 1% and since 2000 it has increased by approximately 16% (Statistics Sweden, 2020). Ahmed et al (2010) further investigated whether the amount of information that the applicant in the expression of interest has any impact on the discrimination in the rental market. Previous studies on discrimination showed that increased knowledge about the candidate has an impact on discrimination.
To find out the discriminatory pattern on the market, fictitious candidates with Arabic / Muslim names and Swedish names, with different amounts of data, are used to use housing online in Sweden. Candidates with Arabic / Muslim names received fewer answers. This was the same despite the increased amount of data. But the increase in data increased the answers for Swedish named candidates. The Arab / Muslim candidates received fewer responses from the landlords than the Swedish candidates. All candidates received by providing additional information about themselves, but the amount of discrimination of the Arab / Muslim candidates remained unchanged, indicating that an increase in the amount of data on the candidates will not reduce discrimination. More information on rights in the housing market is needed, and actors with tools to combat discrimination must apply them.

In: Economics

Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two...

Williams-Santana, Inc., is a manufacturer of high-tech industrial parts that was started in 2009 by two talented engineers with little business training. In 2021, the company was acquired by one of its major customers. As part of an internal audit, the following facts were discovered. The audit occurred during 2021 before any adjusting entries or closing entries were prepared. The income tax rate is 25% for all years.

  1. A five-year casualty insurance policy was purchased at the beginning of 2019 for $35,000. The full amount was debited to insurance expense at the time.
  2. Effective January 1, 2021, the company changed the salvage value used in calculating depreciation for its office building. The building cost $600,000 on December 29, 2010, and has been depreciated on a straight-line basis assuming a useful life of 40 years and a salvage value of $100,000. Declining real estate values in the area indicate that the salvage value will be no more than $25,000.
  3. On December 31, 2020, merchandise inventory was overstated by $25,000 due to a mistake in the physical inventory count using the periodic inventory system.
  4. The company changed inventory cost methods to FIFO from LIFO at the end of 2021 for both financial statement and income tax purposes. The change will cause a $960,000 increase in the beginning inventory at January 1, 2022.
  5. At the end of 2020, the company failed to accrue $16,400 of sales commissions earned by employees during 2020. The expense was recorded when the commissions were paid in early 2021.
  6. At the beginning of 2019, the company purchased a machine at a cost of $720,000. Its useful life was estimated to be ten years with no salvage value. The machine has been depreciated by the double-declining balance method. Its book value on December 31, 2020, was $460,800. On January 1, 2021, the company changed to the straight-line method.
  7. Warranty expense is determined each year as 1% of sales. Actual payment experience of recent years indicates that 0.75% is a better indication of the actual cost. Management effects the change in 2021. Credit sales for 2021 are $4,000,000; in 2020 they were $3,700,000.


Required:
For each situation:
1. Identify whether it represents an accounting change or an error. If an accounting change, identify the type of change. For accounting errors, choose "Not applicable".
2. Prepare any journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2021 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund—income tax.

Prepare any journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2021 related to the situation described. Any tax effects should be adjusted for through Income tax payable or Refund—income tax. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

No Transaction General Journal Debit Credit
1 a(1) Prepaid insuranceselected answer correct 35,000selected answer incorrect not attempted
Retained earningsselected answer correct not attempted 35,000selected answer incorrect
2 a(2) Insurance expenseselected answer correct 7,000selected answer correct not attempted
Prepaid insuranceselected answer correct not attempted 7,000selected answer correct
3 b(1) Depreciation expenseselected answer incorrect 15,000selected answer incorrect not attempted
Accumulated depreciationselected answer incorrect not attempted 15,000selected answer incorrect
4 b(2) Retained earningsselected answer incorrect 25,000selected answer incorrect not attempted
Inventoryselected answer incorrect not attempted 25,000selected answer incorrect
5 c(1) Inventoryselected answer incorrect 960,000selected answer incorrect not attempted
Retained earningsselected answer correct not attempted 960,000selected answer incorrect
6 c(2) Depreciation expenseselected answer incorrect 57,600selected answer incorrect not attempted
Accumulated depreciationselected answer incorrect not attempted 57,600selected answer incorrect
7 d(1) Warranty expenseselected answer incorrect 30,000selected answer incorrect not attempted
Estimated warranty liabilityselected answer incorrect not attempted 30,000selected answer incorrect
8 d(2) Retained earningsselected answer incorrect 25,000selected answer incorrect not attempted
Inventoryselected answer incorrect not attempted 25,000selected answer incorrect
9 e(1) Retained earningsselected answer correct 5,000selected answer incorrect not attempted
Inventoryselected answer incorrect not attempted 5,000selected answer incorrect
10 e(2) Depreciation expenseselected answer incorrect 15,000selected answer incorrect not attempted
Accumulated depreciationselected answer incorrect not attempted 15,000selected answer incorrect
11 f(1) Depreciation expenseselected answer incorrect 15,000selected answer incorrect not attempted
Accumulated depreciationselected answer incorrect not attempted 15,000selected answer incorrect
12 f(2) Retained earningsselected answer incorrect 25,000selected answer incorrect not attempted
Inventoryselected answer incorrect not attempted 25,000selected answer incorrect
13 g(1) Retained earningsselected answer incorrect 15,500selected answer incorrect not attempted
Compensation expenseselected answer incorrect not attempted 15,500selected answer incorrect
14 g(2) Warranty expenseselected answer correct 30,000selected answer correct not attempted
Estimated warranty liabilityselected answer correct not attempted 30,000selected answer correct

In: Accounting